Recently, the Postal Savings Bank of China issued an announcement saying that it will adjust the automatic rollover function of stock call deposits. The announcement said that from May 15, the stock of personal notice deposits (including Dream Plus Post Station) products that can be automatically rolled over will no longer be automatically rolled, and the maturity date of the call deposit products is the maturity date of the last rollover cycle, and the account will not be automatically closed after expiration.
Regarding the interest calculation issue that depositors are generally concerned about, the Postal Savings Bank announced that when withdrawing the call deposit, the bank will calculate the interest of the last rollover cycle according to the listed interest rate of the corresponding notice deposit on the withdrawal date, and the overdue part will be calculated according to the current interest rate on the withdrawal date.
Previously, on May 10, Bank of Communications had announced that it would terminate the Shuangli deposit (ordinary version/super enjoyment version) business on May 15, 2024. From the date of implementation of the announcement, the Shuangli Deposit Business Agreement signed between the customer and the Bank of Communications will be automatically terminated. According to reports, the bank's Shuangli deposit products can be automatically transferred and do not require frequent operation by depositors. From this point of view, the product is essentially a smart notice deposit product.
The addition of these two large state-owned banks means that the "delisting tide" of smart notice deposits has begun to expand from the previous concentration on small and medium-sized banks to large state-owned banks.
On May 10, the Shenzhen branch of the Bank of China issued an announcement showing that the bank will stop the follow-up service of personal intelligent notice deposit and automatic transfer of call deposit / agreed transfer from May 15 according to relevant policy changes.
In addition, according to Bank of China information, all products of the bank's smart notice deposit "Bank of China Smart Deposit" expired on May 15, and on May 15, 2023, the bank has suspended new contracted customers in accordance with relevant requirements, and this time it is the expiration of the existing business.
It is worth noting that as early as May 2023, the relevant regulatory authorities issued a notice to adjust the self-discipline upper limit of the interest rate of bank agreement deposits and call deposits, and at the same time required the suspension of call deposits that do not require customer operation and are intelligently automatically rolled over, and the stock will mature naturally.
Since then, the curtain of adjustment has been opened, and joint-stock banks, urban commercial banks, rural commercial banks, and village and township banks have followed up one after another, and the business related to intelligent notice deposits has been "suspended".
In May this year, the transition period for the implementation of the above-mentioned regulatory policies is coming to an end, and the exit of smart notice deposit products has accelerated, and several large state-owned banks have issued announcements one after another. Experts expect that other banking institutions may continue to join the "delisting wave" of smart notice deposits.
Source: Financial Times client
Reporter: Zhao Meng
Editor: Duan Jiaxi
Email: [email protected]